Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Dongcai (159599), which opened with a gain of 1.92% at 2.235 yuan on February 9 [1] - The major holdings of the Chip ETF Dongcai include companies such as Cambricon, which rose by 2.22%, SMIC with a 1.86% increase, and Haiguang Information, which saw a 3.43% rise [1] - The performance benchmark for the Chip ETF Dongcai is the CSI Chip Industry Index return rate, managed by Dongcai Fund Management Co., with a return of 119.31% since its establishment on April 19, 2024, and a recent one-month return of -0.47% [1]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

芯片ETF易方达（516350）业绩比较基准为中证芯片产业指数收益率，管理人为易方达基金管理有限公 司，基金经理为张湛，成立（2021-12-15）以来回报为27.56%，近一个月回报为-0.34%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月9日，芯片ETF易方达（516350）开盘涨1.96%，报1.301元。芯片ETF易方达（516350）重仓股方 面，寒武纪开盘涨2.22%，中芯国际涨1.86%，海光信息涨3.43%，北方华创涨1.45%，兆易创新涨 2.82%，澜起科技涨4.49%，中微公司涨1.62%，豪威集团涨1.20%，拓荆科技涨1.72%，紫光国微涨 1.49%。 ...

Core Viewpoint - The A-share market experienced a general decline this week, with the Sci-Tech 50 index falling by 5.8%, while the Northern Securities 50 index saw a smaller decline of 0.7%. The overall performance of the Sci-Tech sector indices was below the weighted median [1][4]. Group 1: Major Events in the Sci-Tech Board - One IPO occurred this week: Shenzhen Beixin Life Technology Co., raising 999 million [11]. - There were 13 new merger and acquisition developments, including the acquisition of 100% equity of Jingyi Integration by Jinghe Integration and the planned capital increase acquisition of Lingming Photon by Zhiyang Innovation [11][35]. - The chairman of Beiqi Technology (688793) received a notice from the CSRC regarding a market manipulation investigation, marking the second time in two months [26]. Group 2: Industry Performance - The internal performance of the Sci-Tech board showed divergence, with the chip design and AI sectors at the bottom, while the new energy sector was one of the few with positive returns [2][28]. - The top ten weight companies on the Sci-Tech board showed mixed results, with Cambrian (688256) dropping by 17.6%, while Zhongwei Company was the only one with positive returns [30]. Group 3: Stock Performance - The top gainers this week included: - Olay New Materials (688530) with a gain of 32.25% - JinkoSolar (688223) with a gain of 31.60% - Hexin Instruments (688622) with a gain of 30.46% [32]. - The top losers included: - Aerospace Hongtu (688066) with a loss of 33.82% - Kaipu Cloud (688228) with a loss of 32.80% - Jucheng Shares (688123) with a loss of 20.26% [33]. Group 4: Trading Volume - The top ten companies by trading volume included: - Cambrian (688256) with a trading volume of 633 million - Lanke Technology (688008) with a trading volume of 464 million - Zhongwei Company (688981) with a trading volume of 272 million [33]. Group 5: Recent Unlocking of Shares - Recent unlocking of shares includes: - Mylan (688273) with an unlocking amount of 2.7 billion on February 11 - Longxun Shares (688486) with an unlocking amount of 4.3 billion on February 24 - Haohan Depth (688292) with an unlocking amount of 1.6 billion on February 24 [34]. Group 6: Fund Analysis - There are over 40 public funds related to the Sci-Tech board, with a total scale exceeding 140 billion, primarily categorized into three types: tracking the Sci-Tech 50 index, tracking the Double Innovation 50 index, and tracking the Sci-Tech board's sub-industry indices [37]. - The largest funds by scale include: - Sci-Tech 50 ETF (588000) with a scale of 76 billion - Sci-Tech Board 50 ETF (588080) with a scale of 70.6 billion [37].

沪深两市数据显示，2月6日，融资净买入前十的股票分别为： 亨通光电（4.04亿元）、500ETF（2.34 亿元）、 双良节能（2.23亿元）、转债ETF（2.02亿元）、 宏达股份（1.92亿元）、 中信证券（1.81亿 元）、 寒武纪（1.53亿元）、 兆易创新（1.50亿元）、 炬光科技（1.31亿元）、1000ETF（1.17亿 元）。 ...

Core Viewpoint - The rise of Cambrian (寒武纪) to become the "king of stocks" in the A-share market, surpassing Kweichow Moutai, marks a significant event in China's capital market in 2025, driven by the company's founder, Chen Tian Shi, who has successfully commercialized AI chip technology after years of research and development [1][14]. Group 1: Company Overview - Cambrian was founded in March 2016 by Chen Tian Shi, who focused on developing AI chips and has now achieved profitability in 2025 [1][5]. - The company’s stock price reached a peak of 1595.88 yuan per share, leading to a market capitalization of 667.6 billion yuan, making it the new "king of stocks" in the A-share market [2][14]. - Cambrian's annual revenue for 2025 is projected to exceed 6 billion yuan, representing a year-on-year growth of over 400% [1][14]. Group 2: Technological Development - Chen Tian Shi and his brother proposed the idea of designing dedicated processors for AI during a period when AI was not a popular field, marking their work as pioneering in the AI chip sector [4]. - The first AI chip developed by Cambrian marked a significant breakthrough for China in the AI chip architecture field, moving away from reliance on Western technology [4]. - By 2025, Cambrian's product line includes cloud, edge, and terminal AI chips, meeting various AI computing needs [7][12]. Group 3: Financial Performance - Cambrian faced significant financial challenges from 2017 to 2024, with a total loss of 3.817 billion yuan over five years due to high R&D expenditures [10][11]. - The company’s R&D investment from 2020 to 2024 totaled 5.761 billion yuan, which was significantly higher than its revenue during the same period [10]. - In 2024, Cambrian achieved its first quarterly profit, with a net profit of 272 million yuan, indicating a turning point for the company [12]. Group 4: Market Position and Future Outlook - The competition in the AI chip market is intense, with Cambrian transitioning from a single IP licensing model to a comprehensive AI chip company [6][9]. - The success of Cambrian is seen as a victory for technology in China, with its stock performance reflecting the growing demand for domestic AI solutions [14]. - The ongoing competition in technology and capital markets is expected to continue, with Cambrian poised to maintain its growth trajectory [15].

证券研究报告 +(86) 10 6321 1166 张皓怡* 研究员 SAC No. S0570522020001 zhanghaoyi@htsc.com 寒武纪 (688256 CH) 新品进展顺利，上调 27 年预测 目标价(人民币): 1,679.40 郭龙飞* 研究员 SAC No. S0570525080001 guolongfei@htsc.com 林文富* 研究员 SAC No. S0570525100003 linwenfu@htsc.com 王心怡 研究员 SAC No. S0570523110001 SFC No. BTB527 xinyi.wang@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (人民币 截至 2 月 6 日) | 1,037 | | --- | --- | | 市值 (人民币百万) | 437,283 | | 6 个月平均日成交额 (人民币百万) | 12,998 | | 52 周价格范围 (人民币) | 523.50-1,587.91 | 股价走势图 (13) 32 77 121 166 Feb-25 Jun-25 Oct-25 Feb ...

证券日报网讯1月30日，寒武纪发布公告称，预计2025年归属于上市公司股东的净利润为18.50亿元至 21.50亿元，同比扭亏为盈。报告期内，受益于人工智能行业算力需求的持续攀升，公司凭借产品的优 异竞争力持续拓展市场，积极推动人工智能应用场景落地，本期营业收入较上年同期大幅增长，进而带 动公司整体经营业绩提升，净利润实现扭亏为盈。 ...

Core Viewpoint - The A-share market experienced a significant style switch in the first week of February, with the technology sector undergoing a deep adjustment while defensive sectors like liquor and real estate showed resilience [1][4]. Group 1: Technology Sector Performance - The technology sector faced a comprehensive pullback, with the electronic industry market capitalization dropping by approximately 890 billion yuan, and leading stocks like Zhongji Xuchuang and Xinyi Sheng seeing weekly declines exceeding 13% [1][2]. - The electronic industry recorded a trading volume of 313.9 billion yuan, marking a new high for the year, while the industry index fell by 5.22% and the communication sector by 6.94% [2][3]. - The ChiNext 50 index, representing the technology sector, experienced its largest weekly decline since November 2025, with a drop of 5.76% [2]. Group 2: Market Dynamics and Investor Behavior - The market's risk appetite for technology stocks has notably decreased, with many stocks retreating 20% to 30% from their recent highs, indicating a significant sell-off [3][4]. - The upcoming Spring Festival led to increased risk aversion among investors, prompting them to shift from high-volatility sectors to those with stronger earnings certainty [1][4]. - High valuations in the technology sector, with the electronic industry's price-to-earnings ratio at 69.76, have created substantial internal adjustment pressure [4][5]. Group 3: Factors Influencing the Adjustment - Multiple factors contributed to the technology sector's deep pullback, including seasonal trading patterns, high valuations prompting profit-taking, and increased market volatility due to external macroeconomic conditions [4][5]. - The anticipation of rising interest rates in the U.S. has negatively impacted technology stock valuations, as indicated by market reactions to Federal Reserve signals [5][6]. - The shift of funds from technology stocks to defensive sectors like liquor and real estate suggests a phase of market style transition, with investors seeking stability amid uncertainty [6].

微信屏蔽元宝、千问红包链接 2月4日上午，记者在微信群中点入好友发出的元宝红包，显示"网页包含诱导分享、关注等诱导行为"， 提醒用户可以通过浏览器访问。随后，元宝红包在微信的分享改为口令的形式。微信安全中心公众号发 文称，微信对以春节为主题集中爆发的过度营销、诱导分享等违规行为进行打击。2月6日，千问在春节 活动的第一天，微信链接也被屏蔽了，部分用户在千问APP点击分享活动至微信好友时，已自动改为复 制口令形式。 【点评】:这场争夺AI入口的春节"撒币"大战，正变得前所未有地复杂与激烈。各厂商抢夺AI入口，但 可能都没有预料到，最激烈的竞争出现在国内最大的社交平台微信上。目前看来，或许微信社交裂变的 方式无法成为任何一家AI应用厂商扩大用户池的杀手锏。或许各大厂商接下来要靠产品实力说话了。 SpaceX收购xAI，马斯克打造AI太空帝国 当地时间2月2日，马斯克旗下的太空探索技术公司SpaceX宣布收购人工智能初创公司xAI。在公告中， 马斯克强调，将xAI并入SpaceX，旨在打造一个"垂直整合的创新引擎"，覆盖从地面到太空的完整技术 链条。该公告发布于xAI官网，并由马斯克本人署名。据外媒援引知情人士消息 ...